76-16-208. Illegal concurrence by a director in a dividend or division of capital.
(1) For purposes of this section, "director" does not include a director of: a savings and loan association; or a building and loan association. Terms defined in Sections,, andapply to this section. 76-1-101.5 76-16-101 76-16-201
(2) An actor commits illegal concurrence by a director in a dividend or division of capital if the actor: is a director of a stock corporation; and concurs in a vote or act of one or more directors of the corporation, which vote or act is intended to either: make a dividend except as permitted by; or Title 16, Chapter 10a, Utah Revised Business Corporation Act divide, withdraw, or in any manner pay to one or more stockholders any part of the stated capital of the corporation except as permitted by. Title 16, Chapter 10a, Utah Revised Business Corporation Act
(3) A violation of Subsection (2) is a class B misdemeanor.